12:52 PM EDT, 04/08/2024 (MT Newswires) -- US benchmark indexes rose after midday on Monday as government bond yields rose, extending gains from last week, and investors weighed the probability of an interest-rate cut versus a pause in June following Friday's nonfarm payrolls.

The S&P 500 rose less than 0.1% to 5,209.3, after trading moderately lower earlier in the session. The Nasdaq Composite climbed 0.1% to 16,267.4, clawing back marginally intraday declines. The Dow Jones Industrial Average was also up less than 0.1% at 38,905.8, reversing earlier declines.

Consumer discretionary led the gainers, while health care was the steepest the decliner.

The probability that the Federal Open Market Committee will begin easing policy in June stood at 51%, in line with the close on Friday, according to the CME Group's FedWatch tool. The likelihood of the rates being left unchanged was 48%, slightly higher from 47% on the previous day, reflecting the divide between doves and hawks made worse by the nonfarm payrolls last week on Friday. While headline nonfarm payrolls beat consensus by a wide margin in March, the average hourly earnings growth decelerated year-over-year and was in line month over month.

Consumer and producer price inflation data later this week will shed more light on whether labor market expansion is inflationary. An easing will increase the importance that investors have attached to wage growth in nonfarm payrolls at the expense of the headline number, which has been prone to significant revisions this year.

Meanwhile, the US 10-year yield jumped 6 basis points to 4.43%, and the two-year Treasury rose 5.9 basis points to 4.78%.

West Texas Intermediate crude oil were down 1.6% to $85.54 a barrel.

Gold futures at Comex for June delivery were steady at $2,344.91 per ounce after touching a new record high of $2,372.50 earlier in the session.

In company news, Tesla (TSLA) shares perked up 4.6% intraday, the most on the Nasdaq, after Chief Executive Elon Musk said in a post on X that the electric vehicle manufacturer will unveil its "Robotaxi" this Monday.